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Author: Newsdesk
Around 82 per cent of the people across the major cities plan to buy a residential property in 2021, according to a report by NoBroker.com.
The purchase sentiment among the people last year was 64 per cent. The report titled ‘India Real Estate Report 2020’ showed that 89 per cent of people consider the current phase to be the best time for buying a house.
It showed that more than half of these potential homeowners indicated a preference for society flats (61 per cent) over independent houses (28 per cent) or plots (11 per cent).
Around 84 per cent of home owners wanted ready-to-move-in or resale houses.
The survey showed that budget continued to remain the most important determinant in terms of choosing a property. The percentage of people looking to buy a house price over Rs 80 lakh has jumped substantially with almost 30 per cent buyers having this budget as compared to 17 per cent last year.
Distance from the workplace, a top factor from last year, saw a decline in the 2020 in the wake of the ‘work from home’ culture, as per the report.
The insights were derived based on a survey conducted across Delhi-NCR, Bengaluru, Mumbai, Pune, Chennai, and Hyderabad.
Speaking on the latest findings, Saurabh Garg, Co-Founder & CBO, NoBroker.com, said: “After surviving the peak of a global crisis and sluggish economy for the last 9 months, it is refreshing to see homebuying gaining prominence amongst Indian consumers in 2021.”
He said that the pandemic has driven many changes such as a need for larger houses, suburbs gaining prominence, switch to digital modes of rent payment and larger number of people starting their home search online.
“People have realised the importance of security provided by physical assets in crisis situations and the home loan rate cuts and builder discounts have helped. These trends indicate a favourable environment for the real estate sector in 2021,” Garg said.
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British energy major Cairn Energy has won an international arbitration case against the Indian government over a tax dispute. An international arbitration tribunal ruled that India’s tax claim of Rs 10,247 crore in past taxes over internal reorganisation of Cairn’s India business was not a valid demand.
In a statement Cairn said that the tribunal has awarded damages of $1.2 billion along with interest and costs.
“The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and has awarded to Cairn damages of US$1.2billion plus interest and costs, which now becomes payable,” it said.
Cairn’s claim was brought under the terms of the UK-India Bilateral Investment Treaty, the legal seat of the tribunal was the Netherlands and the proceedings were under the registry of the Permanent Court of Arbitration.
Cairn Energy had in 2010-11 sold Cairn India to Vedanta. Post the merger of Cairn India and Vedanta in April 2017, the UK firm’s shareholding in Cairn India was replaced by a shareholding of about 5 per cent in Vedanta issued together with preference shares.
Along with attaching its shares in Vedanta, the tax department seized dividends of around Rs 1,140 crore due to it from the shareholdings and set-off a Rs 1,590-crore tax refund against the demand.
In 2015, Cairn initiated an international arbitration to challenge retrospective taxation.
The development comes as a major setback for the Indian government after Vodafone Group Plc had won an international arbitration case against the Indian government in September.
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Amid the Covid-19 pandemic, Maharashtra remains the biggest magnet for investors, attracting a whopping Rs 1.12 lakh crore plus worth of industrial investments in the past six months, Chief Minister Uddhav Thackeray said.
The state signed 25 fresh MoUs with investment commitments of Rs 61,000 crore spanning 15 different sectors, with an estimated potential of creating 2.70 lakh new jobs in the state, under the ‘Magnetic Maharashtra 2.0’.
The third MoU signing ceremony was held in the presence of Thackeray with industry bigwigs from pharmaceuticals, healthcare, biotechnology, food-processing, FMCG, steel, automobiles, engineering, oil & gas sectors in attendance.
In June, the state secured commitments of Rs 17,000 crore investments, followed by November with another Rs 35,000 crore, besides Rs 14,000 crore more in organic investments via the state’s advanced single window clearance system implemented in 2020.
Speaking on the occasion, Thackeray noted that the state hopes to cross the total investments target of Rs 200,000 crore during the financial year 2020-2021.
“The Rs 1.12 lakh crore investment commitments received underscore the state’s positive domestic business sentiments which is in tune with the vision of a self-reliant India and thereby Maharashtra,” he pointed out.
He said that Maharashtra has been numero uno and at the forefront of FDI inflows in India, attracting the largest share of approximately 30 per cent of India’s cumulative Foreign Direct Investment (FDI) inflows during April 2000-2020.
In the past 15 years, the state’s journey has included an increase in FDI inflow from Rs 2,543 crore in 2004-05 to Rs 79,216 crore in 2019-20, and now upto Rs. 1.12 lakh crore.
Encompassing key investment promotion initiatives under Magnetic Maharashtra 2.0, such as Plug & Play Infrastructure, the state government has launched schemes like Maha Jobs, Maha Parwana, Investor First Programme, Capacity Augmentation of MIDC land banks and Dedicated Country Desks, said a senior Industry Department official.
This has helped consolidate industrial growth and boost the confidence of investors catapulting the state as one of the most favoured investment destinations in India, thereby boosting the industrial sector of the state, he said.
According to the official, that coupled with the state’s robust FDI pipeline of an additional Rs 79,000 crore, the state intends to surpass its previous targets and cross Rs 2 lakh crore in formal industrial investment intentions signed by the state during this fiscal.
Expressing satisfaction at the outcome, the CM reiterated the state’s commitment to industries, sector diversity, indigenous capacities, future readiness and the prowess for execution for the state’s all-round progress and development.
“With this, Magnetic Maharashtra 2.0 bolsters the message that Maharashtra – the torchbearer of India’s growth – is now ‘Open for Business’,” Thackeray asserted.
Recently Indian two-and-three-wheeler manufacturer Bajaj Auto has entered into an MoU with the Maharashtra government to set up a manufacturing facility in the state.
The MoU envisages a proposed investment of Rs 650 crore in the state’s Chakan.
“The facility is expected to commence production in 2023. This facility will be utilised for manufacturing high end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles starting with Chetak,” the company said in a statement.
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India and the World Bank has signed a $500 million project to build safe and green national highway corridors in the states of Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.
The project will also enhance the capacity of the Ministry of Road Transport and Highways in mainstreaming safety and green technologies.
The Green National Highways Corridors Project will support the ministry construct 783 km of highways in various geographies by integrating safe and green technology designs such as local and marginal materials, industrial by-products, and other bio-engineering solutions. The project will help reduce GHG (greenhouse gas) emissions in the construction and maintenance of highways.
“Connectivity for economic growth and connectivity for sustainable development are two important aspects of a country’s development trajectory. This operation brings these two priorities together in support of India’s growth strategy,” said Junaid Ahmad, World Bank Country Director in India.
“This project will provide efficient transportation for road users in the four states, connect people with markets and services, promote efficient use of construction materials and water to reduce the depletion of scarce natural resources, and help lower GHG emissions,” he added.
The National Highways of India carry about 40 per cent of road traffic. However, several sections of these highways have inadequate capacity, weak drainage structures and black spots prone to accidents. The project will strengthen and widen existing structures; construct new pavements, drainage facilities and bypasses; improve junctions; and introduce road safety features.
As it is imperative that the infrastructure investments are climate resilient, disaster risk assessment of about 5,000 km of the National Highway network will also be undertaken under the project along with support to the ministry for mainstreaming climate resilience aspects in project design and implementation.
The $500 million loan from the International Bank for Reconstruction and Development (IBRD) has a maturity of 18.5 years, including a grace period of five years.
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Russia has decided to expand the list of representatives of European Union (EU) member states and institutions who will be denied entry to Russia, the Russian Foreign Ministry said on Tuesday. This move is in retaliation for anti-Russian sanctions which followed the alleged assassination attempt on Putin’s rival Alexei Navalny, .
“Among them are those who are responsible for promoting anti-Russian sanctions initiatives within the framework of the European Union,” the ministry said in a statement.
The ministry said it has sent notes on the entry ban to the heads of German, French and Swedish diplomatic missions to Russia, as well as to the EU delegation in Moscow, the Xinhua news agency reported.
In October, the European Council imposed sanctions against six Russian individuals and one Russian entity allegedly involved in the “assassination attempt” on Russian oppositionist Alexei Navalny.
The Russian Foreign Ministry said it was “absolutely unacceptable” that the EU adopted these “illegitimate” restrictive measures at the behest of its leading member states.
The countries that initiated this step have failed to provide any evidence on the case both to the Russian authorities and to their own EU partners, it said.
“We reaffirm that any unfriendly action by Western countries will inevitably be met with an adequate response,” the statement read.
British Prime Minister Boris Johnson earlier said that Britain and France are working to unblock the cross-channel trade “as fast as possible.”…reports Asian Lite News
More than 1,500 trucks remain stranded in Kent after France shut the border over fears of a new variant of coronavirus. Meantime the politicians are thrashing out a plan to reopen the border to trade and travel.
France has closed its border with Britain for 48 hours, with no lorries or ferry passengers able to sail from the port of Dover, the BBC reported.
British Prime Minister Boris Johnson earlier said that Britain and France are working to unblock the cross-channel trade “as fast as possible.”
Johnson made the statement when he was speaking at a virtual press conference at Downing Street after the French government banned trucks entering from Britain over concerns about the highly transmissible new coronavirus strain, the Xinhua news agency reported.
Johnson said he just had “a very good call” with French President Emmanuel Macron to solve the issue.
“I have just spoken to President Macron, we had a very good call. And we both understand each other’s positions and want to resolve these problems as fast as possible,” said the Prime Minister.
“We are working with our friends across the Channel to unblock the flow of trade as fast as possible,” he said.
Johnson said the disruption at Dover will not affect the vast majority of food and medical supplies, adding that the government has been preparing for such a situation for a while.
“These delays are only occurring at Dover, only affect human-handled freight and that is only 20 per cent of the total arriving from or departing to the European continent,” he said.
The Prime Minister said that he understands the anxieties of the other countries over the new virus strain, pledging to work with other countries to develop treatment.
More than 40 countries including Germany, India, Italy, the Netherlands, Belgium, Austria, Denmark, Ireland, and Bulgaria have announced travel restrictions from Britain following the disclosure that the highly infectious new strain is widespread in parts of Britain.
Also on Monday, European Union member states will in Brussels to discuss a co-ordinated response to the development.
The new variant, the discovery of which was announced by Johnson on December 19, has spread quickly in London and south-east England, but health officials have said that there was no evidence that it is more deadly or would react differently to vaccines.
According to the Health Secretary Matt Hancock, Health Secretary Matt Hancock warned that the new variant, which may be up to 70 per cent more transmissible, was “getting out of control”.
From Sunday morning, London, the South East and East of England moved into Tier Four restrictions, which will be broadly similar to national restrictions introduced in England in November.
The planned relaxation of coronavirus rules for Christmas has been scrapped for a large part of southeast England, and cut to one day for rest of the region.
The restrictions will last for two weeks and will be reviewed on December 30.
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The 2021 agenda aims to promote excellence in all sectors and introduce innovative initiatives to enhance government services and further raise Dubai’s competitiveness…reports Asian Lite
Dubai Economy is strengthening its initiative launched earlier this year to bring together key industry sectors and stakeholders in an all-encompassing journey towards transitioning Dubai into a circular economy in line with the vision of the leadership and strategic plans of the government.
The move has gained fresh momentum with Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, recently approving the 2021 Agenda of the Council, which has “Creating a Digital and Circular Economy” among its key objectives.
The 2021 agenda aims to promote excellence in all sectors and introduce innovative initiatives to enhance government services and further raise Dubai’s competitiveness. The circular economy plan of Dubai Economy not only seeks to contribute towards the Agenda but also positions Dubai towards sustainable progress and prosperity over the next 50 years as envisioned by the leadership.
Sami Al Qamzi, Director-General of Dubai Economy, stated, “The pandemic added new momentum to the digital transformation in the emirate and has given us enough examples of the most prudent use of existing assets and resources. Dubai Economy is pleased to have pioneered a circular economy campaign to optimise resources and minimise waste. We are now moving to the next level, engaging with key industry sectors to build on existing opportunities to expedite the circular economy transition.”
Unlike the traditional linear economy, the circular economy focuses on improving resource efficiencies and reducing/eliminating waste to the highest extent by depending on re-use, sharing, repair, regeneration, re-manufacturing and recycling. The global market potential for a circular economy is over US$1 trillion (AED3.67 trillion).
As a first step, Dubai Economy launched a series of workshops (hacks) in 2019 on the circular economy transition and related challenges as well as opportunities.
The introductory hack brought together 50 key stakeholders, including sustainability enthusiasts, regulators, corporates, start-ups and NGOs, to propose solutions that would accelerate the transition, particularly across six key dimensions – market readiness, innovation, funding & capital, skills development, regulatory readiness and an adaptive mindset.
With the global outbreak of COVID-19 underlining the importance of food security and local manufacturing, Dubai Economy brought the manufacturing, real estate and food and agri-business sectors onto the centre-stage of the circular economy campaign and hack series.
Commenting on the hack series, Mohammed Shael Al Saadi, CEO, Corporate Strategic Affairs of Dubai Economy, underlined the importance of translating the vision and strategic plans of the UAE and its emirates, including the UAE Vision 2021 Abu Dhabi Economic Vision 2030, Dubai Industrial Strategy 2030 and the Future Foresight programme, into opportunities for innovations in optimal resource utilisation and energy consumption.
The first sector-focused hack on manufacturing had its emphasis on localising global supply chains and attracting investments, particularly into sustainable manufacturing and positioning Dubai as a circular economy for innovation-driven industries and halal products.
The second hack evaluated global and local trends in the real estate and construction sector as well as the advantages Dubai has in evolving into a modern, sustainable city in the backdrop of the long-term changes being set off by urbanisation and industrialisation.
Disruptive technologies and innovations in food production, processing and consumption to achieve sustainable food security, particularly in the backdrop of the growing concerns on food production outpacing demand climate change and rapid urbanization were highlighted in the third hack of the series.
Participants also pointed to Dubai’s advantages in attracting investment, technologies and talent to test-bed and develop circular economy innovations.
A focused approach towards reusing, refurbishing, and recycling are proving to help cities save millions of dollars and hence, adopting a circular economy is crucial for cities such as Dubai.
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